debt limit

Jaqueline Benitez pushes her cart down an aisle as she shops for groceries at a supermarket in Bellflower, Calif., on Monday, Feb. 13, 2023. Benitez, 21, who works as a preschool teacher, depends on California's SNAP benefits to help pay for food.

Politics & Government

Congress created changes to food assistance. Here's what they mean

1:04pm June 02, 2023

by Ximena Bustillo

In an effort to avoid defaulting on the nation's loans, lawmakers created updates to SNAP, the nation's largest food assistance safety net. There are new work requirements as well as exemptions.

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Former President Eisenhower, addresses the nation on the American intervention in Formosa (now Taiwan) in an undated archival picture. Eisenhower was involved in the country's first debt ceiling fight when he asked Congress to raise the limit by $15 billion. The Senate refused, ushering the first tussle over the country's debt.

The first debt ceiling fight was in 1953. It looked almost exactly like the one today

4:08pm June 01, 2023

by Stacey Vanek Smith

Debt ceiling dramas have been going on a long time. The first one happened exactly 70 years ago. President Eisenhower asked Congress for an extra $15 billion and the Senate said, "No dice."

A U.S. debt default would lead to a slump in stock and bond markets, while eroding the U.S.' financial standing in the world, analysts say.

Politics & Government

Here's what could happen in markets if the U.S. defaults. Hint: It won't be pretty

10:44am May 21, 2023

by David Gura

Investors are still hopeful that lawmakers will clinch a deal to raise or suspend the debt ceiling. That's because failure to do so could have devastating consequences in markets.

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White House chief of staff Jeff Zients, seen here in a Feb. 1, 2023 file photo, says President Biden wants to keep talks about government spending separate from a bill needed to raise the debt limit.

First raise the debt limit. Then we can talk about spending, the White House insists

4:28pm April 20, 2023

by Asma Khalid

White House chief of staff Jeff Zients says debt limit talks and spending negotiations must be kept separate — despite House Speaker Kevin McCarthy's insistence they be tied together.

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The U.S. Capitol Building is seen on Jan. 19, 2023.

Politics & Government

The U.S. could run out of cash to pay its bills between July and September

2:33pm February 15, 2023

by Avie Schneider

If Congress fails to raise the nation's $31.4 trillion debt ceiling, the U.S. government could run out of cash between July and September, or even sooner, the Congressional Budget Office said.

The U.S. Capitol Building is seen on Jan. 19, 2023, in Washington, D.C. Treasury Secretary Janet Yellen said the U.S. reached its debt limit on Thursday and is resorting to extraordinary measures to avoid defaulting on its debt.

U.S. hits its debt limit and now risks defaulting on its bills

12:58pm January 19, 2023

by Rafael Nam

The U.S. is undertaking "extraordinary" measures to avoid defaulting on its obligations after the country reached its debt limit on Thursday. Now, a big political fight looms.

U.S. Treasury Secretary Janet Yellen listens to President Biden discuss the federal debt limit on Oct. 6, 2021, in Washington, D.C.

The U.S. could hit its debt ceiling within days. Here's what you need to know.

1:02pm January 14, 2023

The U.S. is expected to hit its debt ceiling Thursday, forcing the Treasury to take "extraordinary measures" to pay off its bills. A political stalemate could lead to an unprecedented federal default.

President Biden on Friday signed legislation to avoid a partial government shutdown, but Congress still has a long to-do list before the end of the year.

Politics & Government

Congress avoids a government shutdown — but a long to-do list looms

5:03pm December 03, 2021

by Kelsey Snell

Lawmakers are juggling must-pass items, like addressing the nation's borrowing authority and an annual defense authorization package, along with major political priorities for Democrats.

President Biden takes questions after delivering remarks on the debt ceiling at the White House on Monday.

Politics & Government

Biden says he can't guarantee the U.S. won't breach the debt limit

7:28pm October 04, 2021

by Brian Naylor

The president is calling on Senate Republicans to allow a straight up or down vote on raising the debt ceiling. "If you don't want to help save the country, get out of the way," Biden said.

Congress is moving to avert one crisis while putting off another. Both the House and Senate approved legislation Thursday that would fund the federal government through Dec. 3.

Politics & Government

Biden Signs Funding Bill, Avoiding A Shutdown, But Other Standoffs Persist

7:37pm September 30, 2021

by Kelsey Snell

The short-term spending bill avoids a partial government shutdown, but other major issues, such as suspending the debt limit, remain unresolved.